Going without insurance is never smart — just one incident can ruin your finances. The solution? Buy insurance when you don’t need it in order to save money later. “Insurance protects you against the unexpected,” says Jeanne Salvatore, Senior Vice President of Consumer Affairs for the Insurance Information Institute, “that’s why everyone needs to have certain policies.” Here’s a guide to the insurance products you need most:

Insure your health.
No matter what your age, it’s vital to have health insurance.
What it does: Health insurance covers you against any medical injuries or illnesses.
What to look for in a policy: Your best bet is a policy with a major medical limit of two to three million or more, since medical expenses can skyrocket when you’re ill or injured. You’ll also want a reasonable out of pocket maximum, say, $1,500 or so, on things like deductibles and co-payments, so that you don’t get stuck paying a fortune if you do become ill.
Where to get it: If you’re employed, it’s likely you’ll be offered insurance at work. If you’re unemployed or self-employed, you’ll want to purchase a policy on your own, and you can do that with almost any insurer.

Insure your income.
“Since long-term disability insurance protects your income if you become injured, every person who works and has a decent salary needs long-term disability insurance,” says Jack Hungelmann, author of Insurance for Dummies
What it does: Replaces all or a portion of your income should you become disabled.
What to look for in a policy: Look for a policy that has coverage for both full and partial disability with long-term coverage until age 65. You’ll also want a ‘future purchase option’ so you can purchase additional benefits later in order to keep up with inflation.
Where to get it: Many employers offer disability insurance. You’ll need a policy that will cover about 60% of your income after taxes. If the policy you’re offered at work doesn’t cover that much, you can buy additional coverage from almost any broker or insurer.